buying back years

The scenario that I'm talking about is a post-95 public servant who retires at 65 with full pension - 1/2 salary less the OACP. But (as far as I know) the OAPC is now not paid until age 68.

Is this public servant going to be down the value of the OAPC for three years, or, for the three years where the OAPC = 0, is the main pension 1/2 salary less zero, i.e. 1/2 salary?
 
Evening said:
. This teacher will receive a pension of:
€60,000 x 40 years x 3/80 = €30,000 from the Department of Education but no State pension.
.
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Off topic but the calculation is 1/80 x 40 yrs x €60k = €30k.
 
One issue that I'm aware of is that in any documentation I've seen, the Supplementary Pension is always referred to as something that may be paid. This wording suggests to me that it's discretionary and not contractual. By the same token, the OACP age is being pushed out which would mean that the State will have to pay the Supplementary Pension to a lot more people, thus pushing up the bill. If it's a soft target, I'd worry that the Supplementary Pension may be hit.
 
LDFerguson said:
One issue that I'm aware of is that in any documentation I've seen, the Supplementary Pension is always referred to as something that may be paid. This wording suggests to me that it's discretionary and not contractual. By the same token, the OACP age is being pushed out which would mean that the State will have to pay the Supplementary Pension to a lot more people, thus pushing up the bill. If it's a soft target, I'd worry that the Supplementary Pension may be hit.
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Thanks Liam - I had noticed that wording all right, but I wasn't sure on the implications of this.
 
LDFerguson said:
One issue that I'm aware of is that in any documentation I've seen, the Supplementary Pension is always referred to as something that may be paid. This wording suggests to me that it's discretionary and not contractual. By the same token, the OACP age is being pushed out which would mean that the State will have to pay the Supplementary Pension to a lot more people, thus pushing up the bill. If it's a soft target, I'd worry that the Supplementary Pension may be hit.
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This is precisely the thinking that lay behind my earlier contribution to the thread.

I don't think, not for one moment, that an A-class public servant retiring in a few years time will be paid a supplementary pension to cover the OACP not being paid to him/her until age 68.

In truth, I reckon the government is working at ways of getting out of paying any pension at all to currently serving public servants before 68. At the very least I wouldn't be surprised if the government separated out the already accrued benefits of current public servants from the new downgraded scheme (for new entrants) which those public servants could be put into for the remaining years of their service, leaving them with benefits from 2 schemes at retirement. And you can bet your bottom dollar that the supplementary pension will be nothing more than a fond memory for them.

But again, what are the public service unions doing to gain clarity on the issue? You can well see why the government would like to fudge it for as long as they can....the last thing they would want is regular deduction notional service purchasers to cancel their contracts at this time. But I am very unconvinced that such purchasers will get any/much benefit for their prudence.
 
Complainer said:
The scenario that I'm talking about is a post-95 public servant who retires at 65 with full pension - 1/2 salary less the OACP. But (as far as I know) the OAPC is now not paid until age 68.

Is this public servant going to be down the value of the OAPC for three years, or, for the three years where the OAPC = 0, is the main pension 1/2 salary less zero, i.e. 1/2 salary?
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I am PS, joined in 2009.
I opened an AVC as i was used to paying a PRSA anyway, but obviously cancelled the PRSA due to PS pension contributions and AVC contributions.

Ive been told by my AVC provider (Cornmarket) that if i retire at 60 years of age, i will get no state OAP until 68, that i would need to live on the balance of my PS portion of the pension + AVC pension.

But then you have to factor in the cost of going early, ie. my contract is to 65 so if i go at 60 i get a couple of % less than what i would get at 65.
 
Kceire,

if you retire from the PS before the CSP kicks in at 66/67/68, then there is a supplementary pension paid until the CSP starts.
 
Protocol said:
Kceire,

if you retire from the PS before the CSP kicks in at 66/67/68, then there is a supplementary pension paid until the CSP starts.
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Thanks Protocol, but have you a link to the details of this?

If i retire at 60, i assume i get nothing until 65, then the supplement kicks in?

God they are so confusing :D
 
KCeire,

read this thread, see page 1, supp pension and links detailed there.


If you leave at 60 or 61 (assuming allowed), you get the work pension part of your integrated pension.

The CSP kicks in at 66 or 67 or 68 depending on your age.

So you have a shortfall due to your PRSI status.

(Class D people can go at 60 and get full pension)

So the supp pension makes up the loss due to you being PRSI class A.

Once the CSP starts, the supp pension stops.

NB: there are other conditions to be fulfilled before you get a supp pension, please check the links.
 
Protocol said:
KCeire,

read this thread, see page 1, supp pension and links detailed there.


If you leave at 60 or 61 (assuming allowed), you get the work pension part of your integrated pension.

The CSP kicks in at 66 or 67 or 68 depending on your age.

So you have a shortfall due to your PRSI status.

(Class D people can go at 60 and get full pension)

So the supp pension makes up the loss due to you being PRSI class A.

Once the CSP starts, the supp pension stops.

NB: there are other conditions to be fulfilled before you get a supp pension, please check the links.
Click to expand...


Thanks :D
 
Protocol said:
KCeire,

read this thread, see page 1, supp pension and links detailed there.


If you leave at 60 or 61 (assuming allowed), you get the work pension part of your integrated pension.

The CSP kicks in at 66 or 67 or 68 depending on your age.

So you have a shortfall due to your PRSI status.

(Class D people can go at 60 and get full pension)

So the supp pension makes up the loss due to you being PRSI class A.

Once the CSP starts, the supp pension stops.

NB: there are other conditions to be fulfilled before you get a supp pension, please check the links.
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Not sure in the case of KCeire.

Because KCeire joined the PS post 2004, his/her retirement age is 65. Hard to see how the state would feel obliged to pay out a supp pension in this case, at least not until age 65.
 
Kceire,

sorry, I missed that.

If you joined in 2009, you may not be able to retire pre-65.

I'm not sure if the supp pension will be paid from 65 until the SCP kicks in.
 
oysterman said:
Not sure in the case of KCeire.

Because KCeire joined the PS post 2004, his/her retirement age is 65. Hard to see how the state would feel obliged to pay out a supp pension in this case, at least not until age 65.
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Protocol said:
Kceire,

sorry, I missed that.

If you joined in 2009, you may not be able to retire pre-65.

I'm not sure if the supp pension will be paid from 65 until the SCP kicks in.
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This is what i expected tbh.
My contract is to 65, but i can go at 60 with the obvious cuts in pension entitlements, not just the years lost, but also a % cut for leaving before contract age.

thanks for all advice though.
 
I am a 59 year old with 21 years in the health service at Class D , Took a break to work in a private organisation and then returned to the HSE as Class A for 13 years
Total Service 34 years , If I avail of the present offer to retire by June 2015 on my pre cut salary will I get the supplementary pension from the HSE until the contributory pension kicks in at 67?
 
56HB said:
...will I get the supplementary pension from the HSE until the contributory pension kicks in at 67?
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Assuming that your minimum retirement age is 60 and not 65 (since you must have re-joined prior to 2004) then the principle of coordination is that recipients of coordinated pensions should be in no worse off a position than D-class (un-coordinated) pensioners so you should be entitled to a supplementary payment.

You won't, however, be entitled to earn across those 7 years without losing some of your supplementary payment.

If you have an AVC or a PRSA from your public service years, or if you have a pension from your period in the private sector, or a foreign pension I have no idea how these are treated re supplementary pension.

If there's anybody out there who can point to a definitive source I'd love to know. Supplementary pension payments seem to be bound up in all sorts of mystery. I have no doubt that the government would love to quietly abolish them but there would be a big legal problem with this because the principle of equality of treatment of A and D-class PRSI payers got enshrined in the legislation.

But OP needs to give all his/her details to the HR department and get an unambiguous answer. Don't rely on AAM posters whose experience will have been based on different circumstances to your own.
 
what this offer about retiring before june 2015 cant find any details of it also was the redundancy package ever brought in
 
The redundancy package has been issued but it's targeted. As far as I know only very few are being offered it and it's all very hush hush.

I'm not too sure what the deal is for 2015 but the date was June this year and lot of consultants were planning to leave. These consultants would be pre 95's on class D. I'm assuming the pension is being based on a higher salary.

I understand the date was pushed out to allow time to replace them.
 
Salaries over 65k were cut in the civil and public service last year. Anyone who retired before Aug 2014 whose salary had been cut would have their pension based on the pre-cut amount. The date has been extended to June 2015.
 
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